This is the original Lows investor presentation before Curran & Connors designed it.

1. Strategy Overview

2. Strategy Overview
This document includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements of the
Company's expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, the housing market,
the home improvement industry, demand for services, share repurchases, the Company’s strategic initiatives and any statement of an assumption underlying any
of the foregoing, constitute "forward-looking statements" under the Act. Although we believe that the expectations, opinions, projections, and comments reflected
in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. A wide variety of potential risks,
uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by our forward-looking statements including, but
not limited to, changes in general economic conditions, such as continued high rates of unemployment, interest rate and currency fluctuations, higher fuel and other
energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability and increasing regulation
of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors which can negatively affect our customers, as well as our
ability to: (i) respond to adverse trends in the housing industry, such as the psychological effects of lower home prices, and in the level of repairs, remodeling, and
additions to existing homes, as well as a general reduction in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and
processes designed to enhance our efficiency and competitiveness; (iii) attract, train, and retain highly-qualified associates; (iv) manage our business effectively as
we adapt our traditional operating model to meet the changing expectations of our customers; (v) to maintain, improve, upgrade and protect our critical information
systems; (vi) respond to fluctuations in the prices and availability of services, supplies, and products; (vii) respond to the growth and impact of competition; (viii)
address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs,
health care, tax or environmental issues; and (ix) respond to unanticipated weather conditions that could adversely affect sales. In addition, we could experience
additional impairment losses if the actual results of our operating stores are not consistent with the assumptions and judgments we have made in estimating future
cash flows and determining asset fair values. For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk
Factors" and "Critical Accounting Policies and Estimates" included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission
(the “SEC”) and the description of material changes therein or updated version thereof, if any, included in our Quarterly Reports on Form 10-Q.
The forward-looking statements contained in this document are based upon data available as of the date of the 2nd quarter release or other specified date and
speak only as of such date. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the
matters covered in this release are qualified by these cautionary statements and the “Risk Factors” included in our Annual Report on Form 10-K to the SEC and the
description of material changes, if any, therein included in our Quarterly Reports on Form 10-Q. We expressly disclaim any obligation to update or revise any
forward-looking statement, whether as a result of new information, change in circumstances, future events, or otherwise.
Forward Looking Language
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3. 3
Strategy Overview
• We are keenly focused on improving our core business to compete more
effectively in the near-term
• We are developing deeper, more meaningful
relationships with customers to earn greater customer loyalty
• We are creating a more differentiated brand experience over the long-term.
• We continue to evaluate opportunities in new and existing international markets
• We are well-positioned to deliver top-line growth, increased profitability
and strong cash flows, enabling us to make necessary investments
while returning significant cash to shareholders
Key Messages

4. We have chosen to deliver better experiences by pulling together the best
combination of possibilities, support and value 4
Strategy Overview
PROMISE
BETTER
EXPERIENCES
EXECUTION
POSSIBILITIES
VALUE
RETAIL RELEVANCE
SIMPLE
SUPPORT SEAMLESS

5. Multi-year Transformation
5
Strategy Overview
IT Infrastructure
Retail Relevance
Seamless & Simple
2011 2012 2013

6. Strategy Overview
Retail Relevance Initiatives
6
CUSTOMERS
100%
0%
Purchase Intent
Close Rate
• There is a gap between the percentage of customers who know what they
want to purchase when they visit our stores and our close rate
• The following near-term initiatives are
designed to address that gap:
• Value Improvement
• Store Labor Investment
• Product Differentiation
• Close rate is expected to improve ~100 bps
in 2013

7. Value Improvement
• Intent is to enhance line designs, making them:
• More relevant to each of the markets we serve
• Easier for consumers to shop
• More efficient for our associates to maintain
• Reduce duplication of features and functions within price points
• Address unique tastes through endless aisle online
• Reinvest inventory in key high velocity items customers expect us to have in
stock, including job lot quantities needed to complete large projects
• Increase in-stock service level targets across entire product lines
• Lower unit costs by reducing funds set aside by vendors for promotional and
marketing support and by negotiating lower first costs
7
Strategy Overview

8. Strategy Overview
Value Improvement
Consumer
Insights
Vendor
Negotiations
Reset
Line
Design
Stabilization
Process Progress as of Q2 2013
• Completed resets representing ~70% of
our business (versus ~50% in Q1)
• ~50% of resets have reached
stabilization phase (versus ~30% in Q1)
• Mid-single digit comps and roughly 100
bps improvement in gross margin rate on
average for stabilized lines
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9. Store Labor Investment
Strategy Overview
• Close rate is significantly higher on weekends
• Weekday labor hours are disproportionately skewed towards tasking as
we recover from the weekend
• Intent is to improve close rate by increasing the proportion of selling
hours ~200 bps during high traffic weekday times
• Added ~150 hours per week to the staffing model for nearly two-thirds of
our stores creating ~9,000 part-time positions
• Additional hours dedicated to the interior sales floor
Progress
• We continue to monitor performance and make adjustments as
necessary
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10. Strategy Overview
Product Differentiation
• Intent is to drive excitement in our stores through better display techniques, which
include our revised end cap strategy and revamped promotional spaces (drop zones)
• Our revised end cap strategy focuses on:
• Highly innovative products
• Significant values
• Private and national brand showcases
• Our revamped promotional spaces promote seasonally relevant, high value items
Progress
• Reset over 1,400 stores to date
• End cap and promotional spaces outperformed other areas of the store, and these
stores outperformed remaining U.S. stores in the second quarter
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11. 2013 Milestones
• Value Improvement
• Substantially complete initial round of resets by year-end
• This is the standard for line reviews going forward
• Store Labor Investment
• Continue to monitor performance and make adjustments as necessary
• Product Differentiation
• Actively managing end caps and drop zones is now standard practice
• Each of these initiatives will be rolled into the base business for 2014
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Strategy Overview

12. Seamless & Simple
12
Strategy Overview
Enhanced Sales Culture
Central Production Office
Central Dispatch Office
Flexible Fulfillment for Lowes.com
MyLowe’s

13. 13
Strategy Overview
IMPROVING MACRO
INITIATIVES
SALES &
PROFITABILITY
GROWTH
Our initiatives, together with growth in the home improvement market, are expected to
increase sales and improve profitability
Growth Drivers

14. Strategy Overview
Orchard Supply Hardware
• We have purchased the majority of assets of Orchard Supply Hardware for
approximately $205 million in cash, plus the assumption of payables
• 72 stores selected
• Funded with operating cash flow and closed at end of August, 2013
• Transaction provides:
• Increased footprint in California, where we are currently under-stored
• Neighborhood format complementary to our strengths in big-box retail
• Loyal customer base
• High-density, prime locations
• Opportunity to participate more fully in California’s economic recovery
• Orchard will operate as a standalone business
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15. International Development
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Strategy Overview
Canada
• ~US$40 billion home improvement market and ~70% home ownership
• 34 stores at end of fiscal 2012 with opportunity for at least 100 stores
Mexico
• ~US$25 billion home improvement market and over 70% home
ownership
• 5 stores at end of fiscal 2012 with significant opportunity for expansion
Australia
• ~US$40 billion home improvement market and ~70% home ownership
• One-third stake in joint venture with Woolworth’s
• 23 stores branded Masters at end of fiscal 2012 with opportunity for total
of ~150 stores
We take a prudent approach to entering new markets, carefully studying the regulatory
risk, their cultures, and historical and forecasted home improvement opportunity

16. 16
Strategy Overview
 Sales growth of 4.9% annually
 EBIT reaches 9.7% of sales
 Earnings growth of 18.0% annually
Operating Profitability
~400 bps of ROIC growth
Asset Productivity
~200 bps of ROIC growth
ROIC
 Sales per sq ft grows to $292
 Inventory turnover grows to 4.4x
 Asset turnover improves to 1.8x
We are focused on driving ROIC to nearly 17% by 2015 through a disciplined capital
allocation strategy and operational excellence, allowing us to grow profits faster than
sales and sales faster than assets.

17. Investment Thesis
17
Strategy Overview

18. Appendix

19. Lowe’s is roughly 17% of NAICS 444, the Census Bureau’s measurement of sales from
retailers classified as Building Materials, Garden Equipment and Supplies. The Total
Market for our products and services is roughly twice as large as NAICS 444.
NAICS 444
Total
Market
Total
Market
Appendix
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20. Sales per Square Foot Profitability
EPS ROIC
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
0.0%
5.0%
10.0%
15.0%
0.0%
10.0%
20.0%
30.0%
40.0%
GM % SG&A % EBIT %
$0
$50
$100
$150
$200
$250
$300
$350
2015 Target: ~$300
2015 EBIT Target: 9.7%
2015 Target: $3.44 2015 Target: ~17%
Appendix
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21. Inventory Turns Lease-Adjusted Debt to EBITDAR
0
1,000
2,000
3,000
4,000
5,000
0
500
1,000
1,500
2,000
2,500
3,000
Capital Expenditures ($ millions) Free Cash Flow ($ millions)
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
3.00
3.50
4.00
4.50
Current Annual Average Target: $1.2B
2015 Target: 4.4x
2015 Target: $4.2B
Appendix
2015 Target: 2.25x
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22. Non-GAAP Measures
EBIT Margin (Operating Margin)
We define EBIT Margin as earnings before interest and taxes as a percentage of sales.
Lowe’s believes that EBIT Margin is a useful measure to describe the Company’s operating profit.
EBITDAR
We define EBITDAR as earnings before interest, taxes, depreciation, amortization, share-based
payments and rent.
Lease Adjusted Debt
We define Lease Adjusted Debt as short-term debt, current maturities of long-term debt, long-term debt
excluding current maturities, and eight times the last four quarters’ rent. We believe eight times rent is a
reasonable industry standard estimate of the economic value of our leased assets.
Lowe’s believes the ratio of Lease Adjusted Debt to EBITDAR is a useful supplemental measure, as it
provides an indication of the results generated by the Company in relation to its level of indebtedness by
reflecting cash flow that could be used to repay debt.
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Appendix

23. Non-GAAP Measures
ROIC
We define ROIC as trailing four quarters’ Net Operating Profit after Tax (NOPAT) divided by the average
of ending debt and equity for the last five quarters.
Lowe’s believes ROIC is a useful measure of how effectively the Company uses capital to generate
profits.
Free Cash Flow
We define Free Cash Flow as net cash provided by operating activities less capital expenditures.
Lowe’s believes Free Cash Flow is a useful measure to describe the Company’s financial performance
and measures its ability to generate excess cash from its business operations.
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Appendix

24. Investor Relations Contacts
• Tiffany Mason
Vice President, Finance & Treasurer
704.758.2033
tiffany.l.mason@lowes.com
• Jim Shaw
Director, Investor Relations
704.758.3579
jim.b.shaw@lowes.com
• Investor Relations Website
www.Lowes.com/investor
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